The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



TEXAS/SOUTHWEST NEWS
Printer-friendly Version   Email an Associate
Trio of CVS Sales Total to $17 Mil

4/15/15

Three newly constructed, single-tenant properties NNN-leased by CVS Pharmacy sold in separate transactions totaling $17 mil. The properties are located in Conroe and Buda, TX, and in New Orleans.

Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the single seller in the three transactions, a Connecticut-based national developer for CVS Pharmacy properties. Each property was acquired by a different private buyer. The properties include:

• Conroe, TX (near Houston): The asset totals 14.6k sf and is situated on 3.51 acres at Highway 242 and Harpers Trace. It sold at a 4.9 percent cap rate.
• Buda, TX: The property totals 15.3k sf and is situated on 2.67 acres at the southwest corner of FM 967 and FM 1626. It sold at a 4.85 percent cap rate.
• New Orleans, LA: The property totals 13.6k sf and is situated on 1.32 acres at 1600 Elysian Fields Ave. The property sold at a record $801 PSF.

“The two properties located in Texas were notable transactions as they sold for the lowest cap rates on record for CVS-leased assets in Texas per CoStar records,” noted Mousavi. “Additionally, these were pre-sales whereby Faris Lee was able to procure private buyers willing to close escrow prior to the tenant opening for business.”

The New Orleans property is located less than one-mile from the French Quarter, within the most densely populated regions of Louisiana. According to Faris Lee, the property generated 15 qualified offers from a range of buyer types.






Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media